Jan. 7, 2023; Washington, DC, USA; Kevin McCarthy (R-Calif.) addresses the House of Representatives after being elected speaker of the House on Saturday, Jan. 7, 2022.. Mandatory Credit: Jack Gruber-USA TODAY News 118th Session Of Congress Begins
Syndication: USA TODAY
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis. That’s according to a person familiar with the situation, who spoke on condition of anonymity because they were not authorized to speak publicly on the matter. They spoke by phone earlier in the evening as they raced to prevent a catastrophic debt default. With the outline of an agreement, a legislative package can be drafted in time for votes in Congress next week. That’s ahead of a projected June 5 federal default. Negotiators have wrangled over a deal that would also making spending cuts that House Republicans are demanding.
